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  • Thu. Aug 18th, 2022
1658513634208 871b0c03 fbcc 47c1 a311 e99c50b33255
1658513634208 871b0c03 fbcc 47c1 a311 e99c50b33255

Zipmex crypto exchange has announced the resumption of withdrawals after it announced on Wednesday that it had halted withdrawals due to the ongoing crypto market meltdown.

However, only withdrawals from the Trade wallet, one of the exchange’s wallets, have resumed.

Zipmex uses two types of assets (Trade Wallet and Z Wallet). The Trade Wallet is used by users to deposit crypto assets and fiat to trade on the platform. On the other hand, Z Wallet allows users to earn bonuses and rewards once they deposit their funds.

Z Wallet operations to remain closed

However, according to the announcement, withdrawals will only be available on the Trade wallet starting today at 7 a.m. ET while Z wallet operations will remain closed until further notice.

However, this is after the platform said yesterday in a Facebook post that it is exploring all the available options and plans to restore withdrawals from some wallets.

Zipmex recovers some of its funds

Notably, Zipmex had an exposure of $5 million to Celsius and $48 million to Babel Finance, which had halted withdrawals earlier on because of insolvency pressure. However, Zipmex noted that it has recovered some of the assets from its partners.

The company said:

“Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets, there were no materially adverse impacts to our operations.”

The post Crypto exchange Zipmex resumes withdrawals appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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